Compound Interest

Discussion in 'Accounting & Tax' started by NickM, 24th Nov, 2006.

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  1. NickM

    NickM Well-Known Member

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    The ATO have released ID 2006/298 which discusses the tax deductibility of capitalised interest on an investment LOC

    NickM
     

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    NickM, 24th Nov, 2006
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Well that should clear things up for a lot of people - thanks Nick.
     
    Simon Hampel, 24th Nov, 2006
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  3. Julia

    Julia Active Member

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    Nick & Sim,
    ID 2006/298 was withdrawn by the ATO on 1st December, 2006. Newsflash 138 (look under free publications) on bantacs.com.au has an article about my discussion with the ATO on why it was withdrawn. In short it is not that black and white, if a loan is advertised for its tax advantage and that is the dominant purpose the taxpayer enters into the loan it will be caught no matter what the name.

    Julia
    bantacs.com.au
     
    Julia, 16th Jan, 2007
    #3